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and entertainment correspondent and paul lee, a partner at light bank. paul has led the firm's investments investments. paul, go ahead. what are your initial reactions to this concept? >> huge opportunity. obviously i agree with the entrepreneur in terms of neighborhoods being a fundamentally different social network. the question really comes down to scaleability. like how are you going to knock down neighborhood by neighborhood. and the penetration there while difficult would create significant barriers to entry for the competition. i think it's really interesting. >> local and hyperlocal seems to be a trend in this world that we're looking at julia. your reaction? >> i think the interesting thing here is going to be how they really distinguish themselves from the other tools. you could create something similar to this with google circles. you could create a private group within facebook. the question is how they will get people to sign up for a whole new social network and i wonder if there's an opportunity to layer them on top of facebook. >> i wonder where the revenue stream is going
sachs' paul o'neill summed it up on "squawk" this morning. >> i got off a plane from singapore saturday morning and i thought my jet lag was up but i was misleading the story. this has all sorts of possible consequences. the consequences of this are not going to put the genie back in the bottle even by erratic thund i of the past years. h is a biggie. >> it is a biggie because it calls into question the sanctity of bank deposits not just in cyprus but all across the eurozone. this is a line outside an atm in cyprus. the banks there closed until thursday. people rushing to pull out as many euro as they could. usually 400 per day. but many of those atms out of cash. this story also includes the russian mob, folks. more on that in a minute. but first, i've been talking long enough. here's sue. >> i was just checking the market. actually things are holding up pretty well. the white house says it is monitoring the cyprus situation closely despite those fierce, u.s. markets are indeed holding up. only down 14 points. the dow was done triple digits when trading began in the morning. quite a co
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